BoE announced that it will publish results of the annual stress testing exercise for banks on December 05, 2018. BoE has received initial stress-testing submissions from banks and is in the process of analyzing the results. BoE had published details of the 2018 annual cyclical scenario (ACS) for the seven major UK banks and building societies on March 16, 2018.
The 2018 ACS assesses the resilience of the UK banking system to deep simultaneous recessions in the UK and global economies, large falls in asset prices, and a separate stress of misconduct costs. The stress incorporated in the ACS is not a forecast. Recognizing the deployment of resources both within BoE and at private institutions to prepare for Brexit, the Financial Policy Committee and the Prudential Regulation Committee have decided to delay the launch of the next biennial exploratory scenario of BoE to September 2019. BoE expects to publish the results of this exercise, along with the Financial Stability Report in June 2020.
Related Link: News Release
Keywords: Europe, UK, Banking, Stress Testing, Annual Cyclical Scenario, BoE
Previous ArticleECB Issues Selected Pillar 3 Information on Significant Institutions
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).